UNSECURED DEBT

12 Months Ended

Dec. 31, 2024

The Company’s unsecured debt is detailed below:


	December 31,
	2024		2023
	(In thousands)
Unsecured debt - fixed rate, carrying amount (1)	$	1,510,000	1,680,000
Unamortized debt issuance costs	(2,843)		(3,653)
Unsecured debt, net of debt issuance costs	$	1,507,157	1,676,347

(1)These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.

A summary of the carrying amount of Unsecured debt follows:


				Balance at December 31,
	Margin	Interest Rate	Maturity Date	2024		2023
				(In thousands)
$50 Million Unsecured Term Loan (1)	0.94%	4.08%	08/30/2024	$	—	50,000
$60 Million Senior Unsecured Notes	Not applicable	3.46%	12/13/2024	—		60,000
$60 Million Senior Unsecured Notes	Not applicable	3.48%	12/15/2024	—		60,000
$50 Million Unsecured Term Loan (1)	1.10%	1.58%	03/18/2025	50,000		50,000
$20 Million Senior Unsecured Notes	Not applicable	3.80%	08/28/2025	20,000		20,000
$25 Million Senior Unsecured Notes	Not applicable	3.97%	10/01/2025	25,000		25,000
$50 Million Senior Unsecured Notes	Not applicable	3.99%	10/07/2025	50,000		50,000
$100 Million Unsecured Term Loan (1)	0.94%	2.09%	10/10/2026	100,000		100,000
$40 Million Senior Unsecured Notes	Not applicable	3.75%	12/15/2026	40,000		40,000
$100 Million Unsecured Term Loan (1)	0.95%	1.80%	03/25/2027	100,000		100,000
$75 Million Unsecured Term Loan (1)	0.94%	3.99%	08/31/2027	75,000		75,000
$60 Million Senior Unsecured Notes	Not applicable	3.93%	04/10/2028	60,000		60,000
$100 Million Unsecured Term Loan (1) (2)	0.95%	2.61%	09/29/2028	100,000		100,000
$80 Million Senior Unsecured Notes	Not applicable	4.27%	03/28/2029	80,000		80,000
$75 Million Senior Unsecured Notes	Not applicable	3.47%	08/19/2029	75,000		75,000
$100 Million Unsecured Term Loan (1)	1.35%	5.27%	01/13/2030	100,000		100,000
$100 Million Senior Unsecured Notes	Not applicable	2.61%	10/14/2030	100,000		100,000
$125 Million Senior Unsecured Notes	Not applicable	2.74%	06/10/2031	125,000		125,000
$35 Million Senior Unsecured Notes	Not applicable	3.54%	08/15/2031	35,000		35,000
$150 Million Senior Unsecured Notes	Not applicable	3.03%	04/20/2032	150,000		150,000
$75 Million Senior Unsecured Notes	Not applicable	2.71%	10/14/2032	75,000		75,000
$75 Million Senior Unsecured Notes	Not applicable	4.90%	10/12/2033	75,000		75,000
$75 Million Senior Unsecured Notes	Not applicable	4.95%	10/12/2034	75,000		75,000
				$	1,510,000	1,680,000

(1)The interest rates on these unsecured term loans are comprised of Term SOFR plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ Term SOFR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2024.

(2)This term loan was refinanced effective September 29, 2023. The margin was reduced by approximately 45 basis points, changing the effectively fixed rate from 3.06% to 2.61%.

In August 2024, EastGroup repaid a $50,000,000 senior unsecured term loan at maturity with an effectively fixed interest rate of 4.08%.

In December 2024, the Company made principal repayments of two senior unsecured notes totaling $120,000,000. Senior unsecured notes with a principal balance of $60,000,000 had a fixed interest rate of 3.46%. The other senior unsecured notes with a principal balance of $60,000,000 had a fixed interest rate of 3.48%. Both payments were made at maturity.

The Company did not enter into or refinance any unsecured debt agreements during the year ended December 31, 2024.

During the year ended December 31, 2023, EastGroup closed on a $100,000,000 unsecured term loan with an effectively fixed interest rate of 5.27%. The Company refinanced a $100,000,000 unsecured term loan, reducing the interest rate by 45 basis points. EastGroup repaid a $65,000,000 unsecured term loan with an effectively fixed interest rate of 2.31%. The Company also made a scheduled $50,000,000 principal repayment on its senior unsecured notes with a fixed interest rate of 3.80%.

During the year ended December 31, 2022, EastGroup closed on a total of $525,000,000 of new unsecured debt with a weighted average effectively fixed interest rate of 3.82%. The Company refinanced a $100,000,000 unsecured term loan, reducing the

interest rate by 60 basis points. EastGroup also repaid a $75,000,000 unsecured term loan with an effectively fixed interest rate of 3.03%.

The Company’s unsecured debt instruments have certain restrictive covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its financial debt covenants at December 31, 2024 and 2023.

The Company currently intends to repay its debt obligations, both in the short-term and long-term, through its operating cash flows, borrowings under its unsecured bank credit facilities, proceeds from new debt (primarily unsecured), and/or proceeds from the issuance of equity instruments.

Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of December 31, 2024 are as follows:


Years Ending December 31,	(In thousands)
2025	$	145,000
2026	140,000
2027	175,000
2028	160,000
2029	155,000
Thereafter	735,000
Total unsecured debt, before amortization of debt issuance costs	$	1,510,000